LABD vs. SPXU
LABD (Direxion Daily S&P Biotech Bear 3x Shares) and SPXU (ProShares UltraPro Short S&P500) are both exchange-traded funds - LABD is a Leveraged Equities fund tracking the S&P Biotechnology Select Industry Index (-300%), while SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, LABD returned -58.05%/yr vs -41.20%/yr for SPXU. A 0.57 correlation means they provide meaningful diversification when combined. LABD charges 1.06%/yr vs 0.90%/yr for SPXU.
Performance
LABD vs. SPXU - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, LABD achieves a -58.72% return, which is significantly lower than SPXU's -25.00% return. Over the past 10 years, LABD has underperformed SPXU with an annualized return of -58.05%, while SPXU has yielded a comparatively higher -41.20% annualized return.
LABD
- 1D
- 8.60%
- 1M
- -31.85%
- 6M
- -55.64%
- YTD
- -58.72%
- 1Y
- -85.70%
- 3Y*
- -58.22%
- 5Y*
- -47.09%
- 10Y*
- -58.05%
SPXU
- 1D
- 1.61%
- 1M
- -0.30%
- 6M
- -21.86%
- YTD
- -25.00%
- 1Y
- -41.21%
- 3Y*
- -39.91%
- 5Y*
- -33.74%
- 10Y*
- -41.20%
LABD vs. SPXU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | -58.72% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | -6.26% | -75.67% |
SPXU ProShares UltraPro Short S&P500 | -25.00% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -56.27% | 3.97% | -44.23% |
Correlation
The correlation between LABD and SPXU is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since May 28, 2015 | 0.57 |
The correlation between LABD and SPXU shifts across timeframes, from 0.46 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
LABD vs. SPXU — Risk / Return Rank
LABD
SPXU
LABD vs. SPXU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Biotech Bear 3x Shares (LABD) and ProShares UltraPro Short S&P500 (SPXU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| LABD | SPXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 0.81 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.94 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.33 | -1.61 | +0.28 |
Loading charts...
Drawdowns
LABD vs. SPXU - Drawdown Comparison
The maximum LABD drawdown since its inception was -100.00%, roughly equal to the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for LABD and SPXU.
Loading charts...
Drawdown Indicators
| LABD | SPXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.99% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -89.59% | -43.83% | -45.76% |
Max Drawdown (3Y)Largest decline over 3 years | -97.43% | -84.36% | -13.07% |
Max Drawdown (5Y)Largest decline over 5 years | -99.04% | -90.23% | -8.81% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -99.56% | -0.43% |
Current DrawdownCurrent decline from peak | -99.99% | -99.99% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -91.04% | -93.36% | +2.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 64.54% | 25.60% | +38.94% |
Volatility
LABD vs. SPXU - Volatility Comparison
Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a higher volatility of 25.77% compared to ProShares UltraPro Short S&P500 (SPXU) at 10.37%. This indicates that LABD's price experiences larger fluctuations and is considered to be riskier than SPXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| LABD | SPXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.77% | 10.37% | +15.40% |
Volatility (6M)Calculated over the trailing 6-month period | 65.70% | 30.00% | +35.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 79.35% | 37.51% | +41.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.77% | 50.67% | +46.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.75% | 53.33% | +42.42% |
LABD vs. SPXU - Expense Ratio Comparison
LABD has a 1.06% expense ratio, which is higher than SPXU's 0.90% expense ratio.
Dividends
LABD vs. SPXU - Dividend Comparison
LABD's dividend yield for the trailing twelve months is around 7.61%, more than SPXU's 6.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 7.61% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% | 0.00% |
SPXU ProShares UltraPro Short S&P500 | 6.92% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
Frequently Asked Questions
LABD and SPXU have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (25.77%) compared to SPXU (10.37%). In terms of maximum drawdown, LABD dropped -100.00% vs SPXU's -99.99%.
On 10-year performance, SPXU leads with -41.20% vs -58.05% for LABD. On fees, SPXU is cheaper at 0.90% per year. On volatility, SPXU has been the lower-risk option at 10.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXU has performed better with a -41.20% return vs -58.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXU is cheaper with a 0.90% expense ratio, compared with 1.06% for LABD.
LABD has the higher dividend yield at 7.61%, compared with 6.92% for SPXU.
LABD is categorized as Leveraged Equities, while SPXU is S&P 500. LABD tracks S&P Biotechnology Select Industry Index (-300%), while SPXU tracks S&P 500 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for LABD and 0.90% for SPXU.
LABD currently has the higher Sharpe Ratio (-1.08 vs -1.10), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for LABD and SPXU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer